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Dec 3, 2012
12/12
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first taxes don't data. what about taxes. his take on the cliff hanger and why investors shouldn't worry about taxes. and dell trade or trap? goldman jumps on the band wagon. 2012 gold rush. why are americans stocking up on gold coins? is it another way to say diversify? we have to get straight to our top story and tonight that is will the cliff ruin christmas? the rhetoric cnbc has the latest including the white house response to the gop proposal. >> just within the past few minutes we have gotten the white house's response to the boehner counter proposal to the white house proposal last week. the white house doesn't like the proposal from bane kpp today. dan fifer saying the republican la letter does not meet the balance and sticks the middle class with the bill. clearly what we are seeing is a negotiation. the white house doesn't like what they have been presented and now the offers and counteroffers will continue to fly and will start to get a little more close to one another. neither one of these as they have been laid o
first taxes don't data. what about taxes. his take on the cliff hanger and why investors shouldn't worry about taxes. and dell trade or trap? goldman jumps on the band wagon. 2012 gold rush. why are americans stocking up on gold coins? is it another way to say diversify? we have to get straight to our top story and tonight that is will the cliff ruin christmas? the rhetoric cnbc has the latest including the white house response to the gop proposal. >> just within the past few minutes we...
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Dec 5, 2012
12/12
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CNBC
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the tax hike on most americans if we go over the fiscal cliff and taxes go up across the board, $167 a month. that's about the same as two people's smartphones at home. that's not even a bill they had ten years ago. let's talk more about it. joining us, jared bernstein, senior fellow at the center on budget and policy priorities. nicole wu, director of domestic policy at the center for economic and policy research. jared, i'm not suggesting we go over it but i think you get my point. we spend a lot of money on a lot things, some of which we need, some of which we don't. why would a 200-month tax raise destroy the economy but spending $200 a month on a smartphone somehow doesn't? >> because of the aggregation problem. if you just look at one person it doesn't look so bad. but when you sum it up across 300 million americans and you factor in that 70% of our gdp is consumer spending, in europe it is about 55% so we're more dependent on the consumer for our growth -- then you understand why the congressional budget office -- i don't think they've ever done this before -- is actually pred
the tax hike on most americans if we go over the fiscal cliff and taxes go up across the board, $167 a month. that's about the same as two people's smartphones at home. that's not even a bill they had ten years ago. let's talk more about it. joining us, jared bernstein, senior fellow at the center on budget and policy priorities. nicole wu, director of domestic policy at the center for economic and policy research. jared, i'm not suggesting we go over it but i think you get my point. we spend a...
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Dec 4, 2012
12/12
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CNNW
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you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on the economic fortunes of this country. and if you take the vast majority of small businessmen who will be hit with an increased tax rate, you're going to markedly decrease the job creation and capital formation in this country. >> let me ask you another question, one of the things we talked about on both sides, i think it's fair to say is the lack of details. and second geithner was out trying to defend some of the details in his plan over the weekend. this letter also has very few details. i'm curious to know exactly what loopholes, what deductions would you kill
you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on...
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Dec 2, 2012
12/12
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i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game? what is their thinking as to how they are going to work their will? do they just figure they won, they are going to get what they want? >> i have no idea, chris. if i knew, i would share it with you but i don't think what they are thinking. >> do you think they are being bullies? >> i think they won the election, they must have forgotten that republicans continue to hold the majority in the house. but, you know, the president's idea of a negotiation is roll over and do what i ask. we need to find common ground and we need to find it quickly. >> and again, because you kind of didn't answ
i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game?...
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Dec 10, 2012
12/12
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MSNBC
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so a hodgepodge of things and mostly focused on the taxes, 60%. the president has that number to use in addition to what we learned after the exit polling election night and the results of the election. >> and so, i think it's a foregone conclusion that tax rates for the wealthiest of americans are going up and as a pra practical matter, i don't understand why the gop doesn't agree to that sooner rather than later and the onus on the white house to give something relative to spending cuts and entitlement reforms. i think people want compromise and a bigger deal than just taxes going up for those 2% and doesn't get us where we need to go. >> david, let's play what alan simpson had to say regarding the growth. that's the overall end game here. growing the economy and not let lawmakers and such to posture before us. let's play it. >> not a single economist who talked to us in our hearings said we can't grow our way out of this with double digit growth for 20 years. you can't cut spending your way out of this baby or you ruin a very fragile economy an
so a hodgepodge of things and mostly focused on the taxes, 60%. the president has that number to use in addition to what we learned after the exit polling election night and the results of the election. >> and so, i think it's a foregone conclusion that tax rates for the wealthiest of americans are going up and as a pra practical matter, i don't understand why the gop doesn't agree to that sooner rather than later and the onus on the white house to give something relative to spending cuts...
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Dec 7, 2012
12/12
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MSNBCW
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it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code. but if that's politically for difficult, there's a willingness to retain the deductions that they could utilize. >> let me ask you about that. another interesting scenario played out with mitch mcconnell, essentially fill lee bust sistering his own bill. he says it has to guarantee that there won't be another debt ceiling crisis. but could that be where we're headed? >> well, it's certainly possible. it would be a terrible outcome and i think you're hearing business leaders weigh in and say, we don't want to go through this debate only to be followed by another big fight over the debt limit. and we just can't afford every year, every 18 months to have a debate about whether we honor the full faith and credit of the u.s. government. that's no way to run the country. >> what do you think the chances of that happening? >> it's possible. one o
it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code. but if that's politically for difficult, there's a willingness to retain the deductions that they could utilize. >> let me ask you about that. another interesting scenario played out with mitch mcconnell, essentially fill lee bust sistering his own bill. he says it has to guarantee that there won't be...
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Dec 9, 2012
12/12
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even the estate tax and deductions and exemptions and he'll be done with tax reform. i think his goal is to make this set of tax changes permanents. >> i think he wants one other thing, republican fingerprints, that is votes in favor of raising rates because he knows if that happens. he decides the republican party and offers some protection for democrats for raising taxes in the next congressional election. >> absolutely. breaking the republican party would be a benefit to this plan, also, i don't think barack obama minds in the tax rates go up on the middle income people as well. >> paul: he's promised-- you're saying-- >> the ultimate win is to have all of that new revenue for the government and being able to blame it on the republicans. >> paul: wait a minute, if you're saying we go over the cliff, nothing happens in december, come january the president will not turn around and insist on andis ... >> well, things in the middle east went from bad to worse this week with reports to the syrian military is preparing temp cal weapons that could be used against its own
even the estate tax and deductions and exemptions and he'll be done with tax reform. i think his goal is to make this set of tax changes permanents. >> i think he wants one other thing, republican fingerprints, that is votes in favor of raising rates because he knows if that happens. he decides the republican party and offers some protection for democrats for raising taxes in the next congressional election. >> absolutely. breaking the republican party would be a benefit to this...
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Dec 9, 2012
12/12
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john: your tax dollars at work? >> more horrible examples of government good intention gone wrong. you have to obey this. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their respective tdd#: 1-800-345-2550 lipper categories. tdd#: 1-800-345-2550 lower than spdr tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and even lower than vanguard. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that means with schwab, tdd#: 1-800-345-2550 your portfolio has tdd#: 1-800-345-2550 a better chance to grow. tdd#: 1-800-345-2550 and you can trade all our etfs online, tdd#: 1-800-345-2550 commission-free, from your schwab account. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 so let's talk about saving money, tdd#: 1-800-345-2550 with schwab etfs. tdd#: 1-800-345-2550 schwab etfs now have the lowest operating expenses td
john: your tax dollars at work? >> more horrible examples of government good intention gone wrong. you have to obey this. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their respective tdd#:...
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Dec 5, 2012
12/12
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CNBC
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they are heaping on tax on top of tax to finance obamacare. i do not see this is social engineering. when the republicans say they are going to hold the line on raising rates? they are going to keep the regular rates where they are, we still have this surtax on the rates. the payroll tax goes up. we appreciate it. we will get you back soon. january 1st, is when it begins folks. anyway, will president obama have the courage to end the strike at two california ports that are scrare crippling the w economy? that is next up. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. >>> cnbc's jane wells joins us now with the latest. >> they say it is not about the money. federal mediate or has been hir. ships are backing up. companies like home depot say it
they are heaping on tax on top of tax to finance obamacare. i do not see this is social engineering. when the republicans say they are going to hold the line on raising rates? they are going to keep the regular rates where they are, we still have this surtax on the rates. the payroll tax goes up. we appreciate it. we will get you back soon. january 1st, is when it begins folks. anyway, will president obama have the courage to end the strike at two california ports that are scrare crippling the...
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Dec 6, 2012
12/12
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>> i think it's tax relateded selling. few stocks chair s compare to performance that apple has given you. if you're a long investor, you think, the other guy knows more than me. trust me the other guy does not know more than you. it's just that fundamentals are deteriorating as the stock falls and people feel they are missing something. they're not missing anything. this is a tax related selloff and it's a tremendous buying opportunity at 7.5. >> we're seeing the pressure from the institutional side, probably pressure from the -- individuals might just simply get frightened off and now the result in selloff will lead to the stock being in stronger hands? >> i think that's exactly right. i think a lot of these investors will come back to apple after the tax related selling, whether that's in a week or two or sometime this year. >> we have a half dozen technicians focused on the selloff. historically they're only up 4, so a phenomenal november for the apple monitor, which are suppliers to apple. >> today just in today's ses
>> i think it's tax relateded selling. few stocks chair s compare to performance that apple has given you. if you're a long investor, you think, the other guy knows more than me. trust me the other guy does not know more than you. it's just that fundamentals are deteriorating as the stock falls and people feel they are missing something. they're not missing anything. this is a tax related selloff and it's a tremendous buying opportunity at 7.5. >> we're seeing the pressure from the...
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Dec 10, 2012
12/12
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he's in the news for facing jail and being arrested over some tax dodging thing. what can you say about that? >> two things. one is i don't think he's going to go to jail. i know he's in a negotiated settlement and things that were online, that's what media today does. they try to tilt it the way they need it to be to sell copies and sell online hits to their sites. we're talking about him being arrested and taken into custody. this was all prearranged for him with the d.a. to go in and make an appearance. they've got to shake him down and walk that gauntlet even though steps have been made. down payments have been paid. when you have far less money than you need and you have far more money than you need they're both equal in terms of how easy it is to get into trouble. the only people who walk down the line seem to keep that right. i have so many friends of mine who annualize their income. they make a lot of one money and assume it will carry on many, many years. those people end up spending the money they would have to segregate into a tax account. my brother is
he's in the news for facing jail and being arrested over some tax dodging thing. what can you say about that? >> two things. one is i don't think he's going to go to jail. i know he's in a negotiated settlement and things that were online, that's what media today does. they try to tilt it the way they need it to be to sell copies and sell online hits to their sites. we're talking about him being arrested and taken into custody. this was all prearranged for him with the d.a. to go in and...
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Dec 9, 2012
12/12
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KPIX
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and when these people zero in-- as erskine said they zero in on taxes, taxes, taxes, we said you've got revenue one to four, three times spending cuts versus one of revenue, but you go into the code and like this one, you go to home mortgage interest deduction and the housing industry guys, all the lobbyists go nuts. we said, look, we're not going to take it away from you but it doesn't need to be a million buck on a second home. we said take it to 500,000, give everybody a 12.5% nonrefundable tax credit which helps the little guy. and they go, "oh, yeah, i guess that might work." everybody is in the game. this will be savagery, full-page ads, ladies, old charge, veterans, simpson-bowles are doing their tricks out there. hang on tight. it's going to be a real, real struggle. >> schieffer: let me just ask you, you caught a lot of people's attention, including ourselves last week, when you did this video on internet to try to get young people-- >> eskind, will you quit laughing. i can hear efers kin hear erskine laughing. >> stop instagramming your breakfast and tweeting your first world
and when these people zero in-- as erskine said they zero in on taxes, taxes, taxes, we said you've got revenue one to four, three times spending cuts versus one of revenue, but you go into the code and like this one, you go to home mortgage interest deduction and the housing industry guys, all the lobbyists go nuts. we said, look, we're not going to take it away from you but it doesn't need to be a million buck on a second home. we said take it to 500,000, give everybody a 12.5% nonrefundable...
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it's a tax on show business. >> you have a very different opinion than i do. my attitude is the business is better if all of them were gone. >> really? >> press a button tomorrow and press them down a swirling sewer vortex, i would do it. where's the button? hand it to me now. >> what if they said -- >> somebody on the crew is laughing. >> no more publicity in any newspaper or magazine for anything you do. >> that's not practical. people you will have publicity. listen. i'm not opposed to even though i'm not ecstatic about the entertainment journalism that's out there and cheapens show business and demystifies show business and the once you typically call a gotcha journalism, that's one i think we can all do without. >> mike tyson had a good way of resolving somebody. he said, a photographer at lax. what was the fallout? paparazzi are really good to me. really? let me give them a right hook. let's talk about more cheerful matters. "saturday night live." you've done 16 of these. you're the king of "snl." i want to talk to the king. [ male announcer ] alka-seltz
it's a tax on show business. >> you have a very different opinion than i do. my attitude is the business is better if all of them were gone. >> really? >> press a button tomorrow and press them down a swirling sewer vortex, i would do it. where's the button? hand it to me now. >> what if they said -- >> somebody on the crew is laughing. >> no more publicity in any newspaper or magazine for anything you do. >> that's not practical. people you will have...
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Dec 8, 2012
12/12
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good idea it is it not a matter of reducing the deficit because in congress we have people extending tax cuts that further blow a hole in the debt ceiling. >> i don't want to be cruel, christian. i don't want to be curt. every dollar comes back as a $1.90 a. forget about the stock market and investing and put our money in unemployment benefits. it is it resting on a complete fallacy of economics that conequals wealth. it is the same that pelosi and you. cash for clunkers and house stimulus . shovem ready stimulus jobbings. >> johnathon. why don't you listen to mark sand zandy of moody who advised john mccain's presidential anything. it is nothing to do with a progressive position it is facts and common sense. >> that'slet numbers there. john layfield. what do you make of all of this. >> i think mark zandy is the wrong guy to wrote. christian this is good stimulus but not how you do stimulus. when you give people $300 that center a family and house to support. they have to spend that money and i disagree that americans are apathetic and lazy. they want jobs. you can find a person who does
good idea it is it not a matter of reducing the deficit because in congress we have people extending tax cuts that further blow a hole in the debt ceiling. >> i don't want to be cruel, christian. i don't want to be curt. every dollar comes back as a $1.90 a. forget about the stock market and investing and put our money in unemployment benefits. it is it resting on a complete fallacy of economics that conequals wealth. it is the same that pelosi and you. cash for clunkers and house...
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Dec 9, 2012
12/12
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FOXNEWS
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the bush tax cuts lapse. what they're talking about is let's extent bush tax cuts for the 98%, let them go up maybe not 39.6% but 37%, something like that. then next year, when the republicans have more leverage with the debt ceiling and also with the government running out of money, that's the point they go after the president on spending. both social programs as well as entitlement reform. i'm not sure you're going to get a big deal right now but you might get enough to avoid the fiscal cliff and then more fighting next year over spending. >> will republicans accept a 38% tax rate for the wealthy? and will democrats accept reductions in entitlement spending? >> that's a good question. corker would accept 37% but he speaks for a few senators. he doesn't speak for the house republican majority and john boehner though it seems to be moving that direction. i'm not sure the president would accept 37% because i'm not sure he gets enough money. you need enough money, whether there's some -- yes, partial increase i
the bush tax cuts lapse. what they're talking about is let's extent bush tax cuts for the 98%, let them go up maybe not 39.6% but 37%, something like that. then next year, when the republicans have more leverage with the debt ceiling and also with the government running out of money, that's the point they go after the president on spending. both social programs as well as entitlement reform. i'm not sure you're going to get a big deal right now but you might get enough to avoid the fiscal cliff...
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Dec 2, 2012
12/12
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a few republicans who are willing to talk about higher tax rev news but not higher tax rates. the president made a direct appeal to the public. the toy factory in pin pen. he urged congress to pass a bill and extend the era tax cuts for middle class only. >> congress could prevent a tax hike on the first 250,000, of everybodiy income. that means 98 percent of americans and nen percent of small businesses wouldn't see income taxes go up at all . even the wealthiest americans would get a tax cut on $250,000 of the income. democrats are pushing for a vote and it was approved by the secretary. >> and republican leaders what are their next move. >> they are sticking to their guns on the tax rate . they are reacting strongly to the plan that the president uned this week. house spheeker - on speaker boehner said it was not a serious proposal. it is an advantage to run the clock out and getting closer to the deadline in the end of the year. at some point if there is a break through it has to happen in a short manner. it takes a while to get the proposal score legislation drafted. if w
a few republicans who are willing to talk about higher tax rev news but not higher tax rates. the president made a direct appeal to the public. the toy factory in pin pen. he urged congress to pass a bill and extend the era tax cuts for middle class only. >> congress could prevent a tax hike on the first 250,000, of everybodiy income. that means 98 percent of americans and nen percent of small businesses wouldn't see income taxes go up at all . even the wealthiest americans would get a...
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Dec 8, 2012
12/12
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taxes will not control our debt. >> both sides of the issue. i'm jamie colby, back to cavuto on fox business, only on the fox news channel. >> what's the deal with the guy wearing sunglasses and saying nothing? >> and all over again in michigan, protesting the right to work bill. the scene almost identical to wisconsin last year and that state's battle over collective bargaining and then, what's going on? >> and i think it's always tough for unions to admit they've lost allure. i'm a union man and i know charlie is very fond of unions. we love unions, but we want people to have the right to choose whether or not they belong to a union. a clothes shop where they have to have the union and i don't think that's freedom, if you want to join the union by all means, but to make it mandatory, that seems a bit harsh. >> neil: but the unions are spinning it the other way in michigan, charles, what do you make of that? >> and ben makes the great point. the unions feel like their back has been against the walls and have for a number of years. in michigan,
taxes will not control our debt. >> both sides of the issue. i'm jamie colby, back to cavuto on fox business, only on the fox news channel. >> what's the deal with the guy wearing sunglasses and saying nothing? >> and all over again in michigan, protesting the right to work bill. the scene almost identical to wisconsin last year and that state's battle over collective bargaining and then, what's going on? >> and i think it's always tough for unions to admit they've lost...
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Dec 9, 2012
12/12
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WJLA
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that's their trump card, as well. >> you are focused on taxes. much of the conversation has been on taxes and raising rates and revenue. we are not seeing the same conversation when itomes to size able spending cuts. >> i think what the president has said -- and this is the word inside the white house, as well. the president has come up with some substantial cuts in the increase, the scheduled increases in medicare and also medicaid and those cuts have to do with pushing and squeezing suppliers, using bargaining leverage of medicare and medicaid to get them to reduce costs. that was at issue during the kman. remember the romney and ryan were claiming t the president w taking too much out of medicare. the president is saying i have done that and i'm putting $400 billion of additional cuts on the table and that's all i'm go ing to do. that's all i can do politically. i i've got a lot of democrats who i don't want medicare and social security touched. >> of course the whole irresponsible actions of both sides going on vacation. there have been sugge
that's their trump card, as well. >> you are focused on taxes. much of the conversation has been on taxes and raising rates and revenue. we are not seeing the same conversation when itomes to size able spending cuts. >> i think what the president has said -- and this is the word inside the white house, as well. the president has come up with some substantial cuts in the increase, the scheduled increases in medicare and also medicaid and those cuts have to do with pushing and...
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Dec 10, 2012
12/12
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CNBC
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ahead of that, google used tax havens to escape $2 billion in taxes worldwide. the catch here is it's not illegal. why all the fuss? after the break we'll decide if this is a good move for google and you the investor. >>> plus are smart phone apps invading privacy? the government is investigating that charge. we'll have the story. then we'll bring you the latest on the quest to save the twinkie. and what about the ding dong? just as important, right? all coming up. >> what's up, seth? >> thank you for coming ding dong. >> wow. you know my name now. i mean, with all this twinkie talk, i thought everybody had forgotten about me. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-3
ahead of that, google used tax havens to escape $2 billion in taxes worldwide. the catch here is it's not illegal. why all the fuss? after the break we'll decide if this is a good move for google and you the investor. >>> plus are smart phone apps invading privacy? the government is investigating that charge. we'll have the story. then we'll bring you the latest on the quest to save the twinkie. and what about the ding dong? just as important, right? all coming up. >> what's up,...
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Dec 9, 2012
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WMAR
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they are flattening the tax rates. they're creating jobs and growing their economies at twice the rate of this lunacy that the president continues to pursue. >> we have a short-run problem, purely a political problem about this fiscal cliff. it has nothing to do with the bondholder and the debt. we should work on that. >>> we got to take a break. lots more roundtable. >>> why did the tea party star quit the senate. what does it mean for the gop? >>> what's next for hillary? twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. that retiring some day is even an option for sean and me. how'd you get comfortable enough to know you could really do it? well, planning, of course. and we got a lot o
they are flattening the tax rates. they're creating jobs and growing their economies at twice the rate of this lunacy that the president continues to pursue. >> we have a short-run problem, purely a political problem about this fiscal cliff. it has nothing to do with the bondholder and the debt. we should work on that. >>> we got to take a break. lots more roundtable. >>> why did the tea party star quit the senate. what does it mean for the gop? >>> what's next...
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Dec 6, 2012
12/12
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all of us get taxes withheld. if they're going to change what rate i'm going to be taxed at, they're going to have to change that table. that's not an overnight process. certainly, the treasury can't afford to let that go too long because everybody will be underwithheld. they'll get a big tax bill. there will be a riot among the people if that happens. what i'm watching is the treasury. if they get nervous enough, they'll ask them to change the tax tables. so far it looks like they smell a deal and haven't asked for it yet. you think we're going to get a deal? >> i think they may try to push it to the end. the other thing i'm watching for is the 17th when the president is due to take his family to hawaii. i don't think he wants to be in hawaii without a deal. something is going to come up. >> ron, what about you? >> i thought the resignation of senator jim demint, who was a staunch conservative, which was a surprise departure, tells me the republicans in many ways are throwing in the towel on this deal. he's a guy
all of us get taxes withheld. if they're going to change what rate i'm going to be taxed at, they're going to have to change that table. that's not an overnight process. certainly, the treasury can't afford to let that go too long because everybody will be underwithheld. they'll get a big tax bill. there will be a riot among the people if that happens. what i'm watching is the treasury. if they get nervous enough, they'll ask them to change the tax tables. so far it looks like they smell a deal...
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Dec 6, 2012
12/12
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taxes. negotiations between the white stalled. president obama says he will not sign a bill "without" a taxxincrease on incomes over two hundred fifty thousand dollars or more. offer by republican john boehner has not only been rejected by theeadministration party. if a deal sn't made by december thirty-first, automatic tax increases and budget cuts will kiik in by the new year. sooe maryland leaders are speaking out against the fedd' decision to deny aid to hurriiane sandy victims in ur hundreds of residents along the eastern shore were devvstated whennsuperstorm sandy unleashed her fury in pctober. bbt according to the federal emergeecy management agency... tte damage wasn't enough tt warrrnt áindividualá aid. at a senatt aappopriations hearing today... senators barbara challenged fema leaders to re-think their decisson. 1:24 we in maryland have sooe of the most prosperous counttes in america but we also haae someeof the most &ppoor and that's who got hit b this storm 33 governor marrin o'malley has already vowed to appeal fem
taxes. negotiations between the white stalled. president obama says he will not sign a bill "without" a taxxincrease on incomes over two hundred fifty thousand dollars or more. offer by republican john boehner has not only been rejected by theeadministration party. if a deal sn't made by december thirty-first, automatic tax increases and budget cuts will kiik in by the new year. sooe maryland leaders are speaking out against the fedd' decision to deny aid to hurriiane sandy victims in...
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Dec 3, 2012
12/12
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are the party of lower taxes, are you going to refuse to cut people's taxes? >> listen, nobody wants to go over the cliff. that is why the day after the election i tried to speed this process up by making a concession to put revenues on the table. and it is unfortunate that the white house spent three weeks doing basically nothing. >> chris: you have been around this time, a long time and have been through a lot of negotiations. what is their game? what is their thinking as to how they will work -- well, they figure they won and they will get what they want? >> i have no idea, chris. if i knew, i would share it with you. i don't know what they are thinking. >> chris: do you think they are being bullies. >> i think they've won the election and must have forgotten republicans continue to hold a majority in the house. but, you know, the president's idea of a negotiation is, will they do what i ask. we need to find common ground and need to find it quickly. >> chris: and, again, you kind of didn't answer it the first time, what are the chances we'll go over the cl
are the party of lower taxes, are you going to refuse to cut people's taxes? >> listen, nobody wants to go over the cliff. that is why the day after the election i tried to speed this process up by making a concession to put revenues on the table. and it is unfortunate that the white house spent three weeks doing basically nothing. >> chris: you have been around this time, a long time and have been through a lot of negotiations. what is their game? what is their thinking as to how...
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Dec 9, 2012
12/12
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the other way is if you raise taxes, as a part of a grand bargain, you could provide that those taxes would be rescinded automatically and would sun set in the event you exceeded that cap of spending to gdp, whatever it is, 20%, 21%, wherever it is, 22%. >> on the spending side, even if you were to do the kind of sequestration you were talking about, if you look at the medium term and suddenly the long-term. >> yeah. >> all of the increases in spending are essentially around health care. it's medicare and medicaid that are out of control. >> yeah, you got it. >> what would you do about that? >> you got to fix it, you got to you got to have entitlements tochb table because entitlements are the biggest part of our spending problem. defense has to be on the table. everything has to be on the table. you have to begin this negotiation by agreeing that they're not going to be any preconditions. everything's going to be on the table, you ought to also have an agreement that nothing will be decided until everything is decided. you ought to also have an agreement that it will be done in confid
the other way is if you raise taxes, as a part of a grand bargain, you could provide that those taxes would be rescinded automatically and would sun set in the event you exceeded that cap of spending to gdp, whatever it is, 20%, 21%, wherever it is, 22%. >> on the spending side, even if you were to do the kind of sequestration you were talking about, if you look at the medium term and suddenly the long-term. >> yeah. >> all of the increases in spending are essentially around...
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Dec 9, 2012
12/12
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they want to about to the president's demand that taxes go up for the wealthy. >> will i accept a tax increase to actually solve our problems? yes. >> we have one house and that's it. this is in the democrats' hands. >> we agree on 98% of this, to me, i would just get it off the table also they don't worry about it. >> they agreed that visits are going up on the rich no matter what. >> you cannot generate enough revenue to have meaningful deficit reduction. >> republicans want a big spending cuts from programs like medicare and social security. >> we do not want to be here in another year or attend. >> on both sides of pennsylvania avenue, from main street to wall street, americans are waiting to see who will blink first. both are eager to wind down the crisis, but no one wants to walk away in defeat. , wbal-tv 11 news. >> an update on a former president in the hospital. >> former president george h. w. bush remained unstable condition for treatment of a bronchitis- related costs. and has been two weeks since he was admitted for treatment. they say there's no change in the four presid
they want to about to the president's demand that taxes go up for the wealthy. >> will i accept a tax increase to actually solve our problems? yes. >> we have one house and that's it. this is in the democrats' hands. >> we agree on 98% of this, to me, i would just get it off the table also they don't worry about it. >> they agreed that visits are going up on the rich no matter what. >> you cannot generate enough revenue to have meaningful deficit reduction....
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Dec 4, 2012
12/12
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FOXNEWSW
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higher taxes hurt economic growth. people say it doesn't hurt it and they are saying of all the possible answers i will pick the extreme one, which is zero. what is most iportant? millions are out of work, we have incomes that have not grown but they have fallen. i would think growth is the priority. >>neil: is that going do mean more dividends next year to make up for the tax hit they will face? will they still cash out with the dividends? isn't that going do lead to a market tank? >>guest: one of the things, what we are seeing right now is the first evidence that companies' investors know the fiscal cliff is coming and when we get closer that is when the market will tank. >>neil: take your money and run. >>guest: for political pumps folks are willing to go over. that is dangerous much next year if we go over the cliff, all bets are off and we are in a recession. >>neil: you are not competent? >>guest: i don't like the way this is going. this is not two parties sitting down and saying we have a serious national proble
higher taxes hurt economic growth. people say it doesn't hurt it and they are saying of all the possible answers i will pick the extreme one, which is zero. what is most iportant? millions are out of work, we have incomes that have not grown but they have fallen. i would think growth is the priority. >>neil: is that going do mean more dividends next year to make up for the tax hit they will face? will they still cash out with the dividends? isn't that going do lead to a market tank?...
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Dec 6, 2012
12/12
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WBAL
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loopholes, not by raising tax rates on the top earners as the president had demanded. this comes as a new poll suggests americans agree with the president. 40% want to that tax cuts expire for the wealthy. 32 percent say they should continue for everyone. more downsizing -- news from citigroup. they announce they are cutting 11,000 jobs worldwide. they're closing branches. a spokesperson says less than 1% of 3600 citibank employees in maryland will be laid off. one branch in the state will close in the glen burnie. a new annapolis fire department is getting over $200,000 in a grant from fino. congressmen -- fema. congressman judge sought -- john sarbanes said it will go to upgrading the fire station. some say fema is not that generous when it comes to aid for victims of superstore sandy. >> maryland woke up to this headline -- u.s. denies aid to more storm victims. this is the picture of the face of maryland during the storm. >> barbara mikulski spoke earlier at the senate appropriations subcommittee on hurricane sandy disk -- expressing her disbelief they denied the r
loopholes, not by raising tax rates on the top earners as the president had demanded. this comes as a new poll suggests americans agree with the president. 40% want to that tax cuts expire for the wealthy. 32 percent say they should continue for everyone. more downsizing -- news from citigroup. they announce they are cutting 11,000 jobs worldwide. they're closing branches. a spokesperson says less than 1% of 3600 citibank employees in maryland will be laid off. one branch in the state will...
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Dec 10, 2012
12/12
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it looks like there's a deal on taxes. the president has said that taxes will go up on the wealthy. he holds the trump card in that and nothing gets done that will happen. >> well, you know, jonathan, it's funny you say that the republicans may be recognizing they don't have the leverage here but trying to assert some leverage by saying that they'll do another sort of debt ceiling showdown and not satisfied with the outcome this month, the debt ceiling probably a month later, early february and saying they want to have another showdown if necessary over that. the official position of the white house is we're not going down that road again. we are not going to be negotiating and hostage games over this. however, there was a report on friday from ezra klein saying that this is not anything they're talking about publicly but the conversation within the white house is about the idea of giving in to republicans on raising the eligibility age for medicare, raising that two years in exchange for a partial increase on the top marginal tax rate to 37% instead of 39.6% obama is asking for. th
it looks like there's a deal on taxes. the president has said that taxes will go up on the wealthy. he holds the trump card in that and nothing gets done that will happen. >> well, you know, jonathan, it's funny you say that the republicans may be recognizing they don't have the leverage here but trying to assert some leverage by saying that they'll do another sort of debt ceiling showdown and not satisfied with the outcome this month, the debt ceiling probably a month later, early...
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Dec 10, 2012
12/12
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in taxes. but is that helping investors? well see. everybody is at the big board today. >> we are all down here. >> we are. everybody is in the family. we like it down here. maybe we'll see. you never know. >>> all right, the apple map story. if you haven't heard this story, it is very interesting. is it the australian police? >> yes. >> australian defense minister. whatever you down there. is warning people, dent use apple maps. it could be fatal. some people got lost in a national park. >> right. giving incomplete instructions. >> right. left at the dingo, right at the crocodile. they were getting stuck. australian police said don't use apple maps, they are dangerous. which is just bizarre. >> it is bizarre. feels like it is a little dire. in terms after warning. >> yeah. if you're under a national park in the outskirts, you're not in the hard streets of melbourne. >> people get lost in those national parks all the time. i get lost in them. follow the national dingos. follow the ants. they ar
in taxes. but is that helping investors? well see. everybody is at the big board today. >> we are all down here. >> we are. everybody is in the family. we like it down here. maybe we'll see. you never know. >>> all right, the apple map story. if you haven't heard this story, it is very interesting. is it the australian police? >> yes. >> australian defense minister. whatever you down there. is warning people, dent use apple maps. it could be fatal. some people...
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Dec 5, 2012
12/12
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CNNW
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cuts will expire so the tax cuts -- the taxes are going to go up on everybody, right? the fiscal cliff, you go over the cliff, the taxes go up for every single person. is the plan then if you do a deal for taxes on the middle class, then de facto the taxes go up on the wealthy and sort of have a win/win for the democrats? is that the scenario we're looking at now? >> well, the scenario is that we still have time to put a deal together. the president has a detailed proposal on the table. republicans need to decide where they want to move. john boehner needs to decide how he will get his caucus together. they're becoming increasingly isolated in their position. hopefully we can have a deal which protects the middle class. there is a piece of legislation sitting in the house today that would prevent taxes from going up on 98% of the american people. 97% of small businesses. they should go ahead and move that. and then we can have a broader discussion of how we achieve larger deficit reduction and avoid the fiscal cliff. but there's plenty of room and plenty of time for co
cuts will expire so the tax cuts -- the taxes are going to go up on everybody, right? the fiscal cliff, you go over the cliff, the taxes go up for every single person. is the plan then if you do a deal for taxes on the middle class, then de facto the taxes go up on the wealthy and sort of have a win/win for the democrats? is that the scenario we're looking at now? >> well, the scenario is that we still have time to put a deal together. the president has a detailed proposal on the table....
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Dec 5, 2012
12/12
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first, when i was there, it was the president who had made the no tax pledge. president bush the first, as you'll recall, made a very famous no tax pledge which he eventually backed off of. in this case, it's the congress. the republicans of the congress specifically, who have made the tax pledge, and the president who is trying to get them to break it. secondly, the numbers are very much reflecting the passage of time. we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i sai
first, when i was there, it was the president who had made the no tax pledge. president bush the first, as you'll recall, made a very famous no tax pledge which he eventually backed off of. in this case, it's the congress. the republicans of the congress specifically, who have made the tax pledge, and the president who is trying to get them to break it. secondly, the numbers are very much reflecting the passage of time. we were very concerned because we thought the budget was going to be -- the...
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Dec 3, 2012
12/12
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CNBC
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revenue through tax reform, that means lower taxes, but tax reform, $800 billion. >> closing of loopholes and capping deductions. >> right. health savings, $600 billion. mandatory savings, $300. further discretionary savings, $300 billion. house republican counter getting you $202 trillion compared to the white house offer of $1.67 trillion, bill. >> we identified both sides now. >> and we begin. >> let's get them in the middle and find some middle ground there, somewhere, somewhere, in time. we'll see. meantime, market taking it in stride as we head to the close with 50 minutes left in the trading day. the dow down 41 points. at the low of the day we were down 56. >> we're going to start hearing the impact of sandy as we approach the holiday shopping season. sandy stimulated sales of new cars last month. see which automaker drove away with bigger gains, ford or gm. >> then pain at the pump. our next guest is warning a new ethanol fuel blend that not only costs more but adds to the cost of food could damage your car and void your warranty. really? you're going to want to hear this coming
revenue through tax reform, that means lower taxes, but tax reform, $800 billion. >> closing of loopholes and capping deductions. >> right. health savings, $600 billion. mandatory savings, $300. further discretionary savings, $300 billion. house republican counter getting you $202 trillion compared to the white house offer of $1.67 trillion, bill. >> we identified both sides now. >> and we begin. >> let's get them in the middle and find some middle ground there,...
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Dec 3, 2012
12/12
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>>reporter: it is a nonstarter if they reject continuing the upper income tax cuts. the republicans say the plan cuts the deficits by $4.6 trillion based on the white house method of counting based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary insisted the rates will not make it to the new year. >> he will not sign a bill that extends those tax rates for the top 2 percent. we cannot afford it. it is not wise economic policy. not wise fiscal policy. it would defeat the principle of balance that he has embraced. >> the president wrapped up an hour long twitter session promoting what he called a balanced approach, as far as deficit reduction. >>shepard: is this posturing? >>reporter: well, it is, this great measure. each side wants to blame the other. and not just if we go over the cliff, but if they do reach an agreement, ea
>>reporter: it is a nonstarter if they reject continuing the upper income tax cuts. the republicans say the plan cuts the deficits by $4.6 trillion based on the white house method of counting based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary...
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we are just over three weeks away from falling over the so-called fiscal cliff, that combination of tax increases and deep federal spending cuts. nancy cordes reports the back-and-forth showed no sign of letting up today 20 white house and the republicans in congress. >> reporter: in his saturday weekly address, president obama signaled he is open to making cuts on programs like medicare and medicaid if republicans agree to raise tax rates for the rich. >> i'm willing to find ways to bring down the cost of health care without hurting seniors and other americans who depend on it. and i'm willing to make more entitlement spendings cuts on top of the $1 trillion in spending cuts i signed into law last year. >> reporter: his remarks came one day after house speaker john boehner announced the talkes were stalled. >> well, this isn't a progress report because there's no progress to be report. >> reporter: his democratic counter-part ploals blamed boehner for the stalemate. >> what they offered in return was an empty letter lacking in specifics. >> reporter: such is the state of negotiations 2
we are just over three weeks away from falling over the so-called fiscal cliff, that combination of tax increases and deep federal spending cuts. nancy cordes reports the back-and-forth showed no sign of letting up today 20 white house and the republicans in congress. >> reporter: in his saturday weekly address, president obama signaled he is open to making cuts on programs like medicare and medicaid if republicans agree to raise tax rates for the rich. >> i'm willing to find ways...
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Dec 3, 2012
12/12
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CNBC
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hikes, one third tax cuts. and i remember saying do you think this will work, they're raising the v.a.t. tax and i understand italian household debt isn't that high, but they were trying to tax their way out of a massive debt problem and in fact receipts went down, consumption fell to 4.25 annualized rate and the situation got much worse. today italy has zero nominal gdp grets. and they're funding at 4.5%. that is a bad business model. spain same story. so when you bnk our package and what's been offered so are far which appears like $1.6 trillion in tax hikes against $400 billion of entitlement cuts over time, that's an even worse mix than the two-thirds/one-third european structure that really has gotten a negative reaction. >> how much is because of the mix and how much of it just this is what austerity looks like? >> is the money in capping deductions or raising marginal tax rates? it's in capping deductions. but that's tough because you have to tell someone no like the housing lobby or charitable contribut
hikes, one third tax cuts. and i remember saying do you think this will work, they're raising the v.a.t. tax and i understand italian household debt isn't that high, but they were trying to tax their way out of a massive debt problem and in fact receipts went down, consumption fell to 4.25 annualized rate and the situation got much worse. today italy has zero nominal gdp grets. and they're funding at 4.5%. that is a bad business model. spain same story. so when you bnk our package and what's...
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Dec 3, 2012
12/12
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taxes will go up on everybody. and republicans will instead be in a position of voting against middle class tax cuts. democrats bring such a bill to the floor. on sunday house minority leader signaled democrats may not wait saying in a statement, quote, if speaker boehner refuses to schedule this widely supported bill for a vote on democrats for a vote, democrats will introduce a discharged petition to automatically bring to the floor the senate passed middle class tax cuts bill, that bill that would pass the 98% automatically raise the rates to the clinton era for the top 2%. ultimately he has to bring out the best deal. this new negotiation strategy. it appears to have genuinely thrown republicans for a loop. >> the idea of a negotiation is roll over and do what i ask. >> i think we're going over the cliff. it's pretty clear to me they made a political calculation. the plan to entitlement reform is quite frankly a joke. >> a two-step deal in place. step one spending cuts and tax changes that would take effect in
taxes will go up on everybody. and republicans will instead be in a position of voting against middle class tax cuts. democrats bring such a bill to the floor. on sunday house minority leader signaled democrats may not wait saying in a statement, quote, if speaker boehner refuses to schedule this widely supported bill for a vote on democrats for a vote, democrats will introduce a discharged petition to automatically bring to the floor the senate passed middle class tax cuts bill, that bill that...
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principles for tax reform. it is very short. lower tax rates. the tax system should be simplified and work for all americans with lower individual and corporate tax rates and fewer brackets. now our viewers can see who said this, would you be surprised that was barack obama speaking back in 2011? >> let's replay that tape. i would like to hear that again. he is talking some sense. david: what happened, bob? he is exactly the opposite today, saying that we need higher taxes. what happened in the course of a year? >> so what you're pointing out is uncertainty. i think people and businesses can deal with tax rates different from what they are. where they can't deal is when we have no clue. uncertainty is one of the worst things for markets and that's why, as you reported a few minutes ago, companies are sitting on this massive amount of cash. they just don't know what to do. we need to give them the rules. sandra: so bob, if we can all agree that taxes in some form are going to go up in the new year what do you do with your money? are we going to a
principles for tax reform. it is very short. lower tax rates. the tax system should be simplified and work for all americans with lower individual and corporate tax rates and fewer brackets. now our viewers can see who said this, would you be surprised that was barack obama speaking back in 2011? >> let's replay that tape. i would like to hear that again. he is talking some sense. david: what happened, bob? he is exactly the opposite today, saying that we need higher taxes. what happened...
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Dec 9, 2012
12/12
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well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. but you take a person who's makimake $50,000 per year, it's about 1,700 a year. >> i'm going to guess that even if we do leap off the cliff, we'll have some type of a resolution, some type of a deal that will be retroactive back to january 1. but why play with poison like that, right now have to expect that you want that deal done now. >> what are the convinces for tfor -- consequences for military personnel? >> just on the defense sector alone, you're looking at $55 billion in cuts just to the defense budget. you have to look at the ancillary part of this. you look at real estate holdings, homes that are have a close proximity to defense. >> final question for you, todd, a major confusion going on here, it's about this so-called $250,000 there are hold for house holds, does this mean that all of the
well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. but you take a person who's makimake $50,000 per year, it's about 1,700 a year. >> i'm going to guess that even if we do leap off the cliff, we'll have some type of a resolution, some type of a deal that...